Leased Two-Unit
For Sale
$499,000
2183 CRANDON AVENUE, Winter Park, FL 32789
Two-bedroom units include private entrances, central AC, and screened patio areas.
Property Size1,200 SF
Price / SF$415.83
Days on Market16
Property Features for 2183 CRANDON AVENUE
General Information
Standard status
Active
Size
1,200 SF
Property subtype
Duplex
Building Details
Year Built
1953
Listing Agency:
REAL PROPERTY MANAGEMENT AND REALTY
(407) 897-3366
Listed By:
Walkidia Reyes, PA · License #3137739
Source:
Endlesssummerrealty
Added: Aug 14
Changed: Aug 28
Last Checked: Aug 29 at 9:19AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of REAL PROPERTY MANAGEMENT AND REALTY
Investment Insights
Based on property information with market context.
This 1,200-square-foot duplex contains two separately accessed residential units, each offering two bedrooms, one bathroom, a living area, kitchen, central AC, and a private screened patio. Both residences are leased, and the property includes a shared laundry room with a washer and dryer. Updated showers add a recent improvement to each full bathroom. The building was constructed in 1953 and operates without an HOA.
The property is located in Winter Park near Park Avenue shops and restaurants, Winter Park Village, Rollins College, and area recreational destinations including Mead Botanical Garden, Winter Park Tennis Center, and Winter Park Golf Course. Major highways are also readily accessible. Each unit is approximately 600 square feet, providing a straightforward two-unit layout for an owner seeking an established residential income property.
The property is located in Winter Park near Park Avenue shops and restaurants, Winter Park Village, Rollins College, and area recreational destinations including Mead Botanical Garden, Winter Park Tennis Center, and Winter Park Golf Course. Major highways are also readily accessible. Each unit is approximately 600 square feet, providing a straightforward two-unit layout for an owner seeking an established residential income property.
Key Highlights
- Two 2‑bedroom, 1‑bath units, each approximately 600 square feet
- Both units are currently leased
- Private entrances, central AC, and screened patio areas for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$16,005
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.21%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$320,100
$320.1K
Cap Rate 7%
$228,643
$228.6K
Cap Rate 9%
$177,833
$177.8K
Market Conditions
NOI Build-Up for 1,200 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$24.5K $20.40/SF
− Vacancy
−$1.6K −$1.35/SF
EGI
$22.9K $19.05/SF
− OpEx
−$6.9K −$5.72/SF
NOI
$16.0K $13.34/SF
Area
Orange County, FL
Vacancy
6.60%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$320,100
Cap Rate 7%
$228,643
Cap Rate 9%
$177,833
Alternative Uses
Best Use
Multifamily LT 5
$228.6K
$200.1K – $266.8K
NOI $16,005 @ 7.0% cap · market cap 3.21%
Second Best
Apartment 5plus
$210.5K
$184.2K – $245.6K
NOI $14,736 @ 7.0% cap · market cap 2.95%
Theoretical Best
Office A
$341.5K
$298.8K – $398.4K
NOI $23,904 @ 7.0% cap · market cap 4.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
996
Businesses Nearby
Explore this area
Business Placement
Demographics for 32789, FL
26,399
Population
12,945
Households
2
Avg Household Size
44
Median Age
63%
College-Educated
98%
High-School Grad
7.8 sq mi
ZIP Area
3,384
Density / Sq Mi
$100,213
Median Household Income
$65,652
Median Earnings
$1,667
Median Rent
$695,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom units include private entrances, central AC, and screened patio areas.
Where is this duplex located?
The property is located at 2183 CRANDON AVENUE Winter Park, FL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units, each approximately 600 square feet; Both units are currently leased; Private entrances, central AC, and screened patio areas for each unit
